BT and Rolls-Royce investigations: Auditors are not there to find fraud, says accounting body boss July 13, 2017 Accounting investigations into audit sign-offs of two British stalwarts are not a sign the profession is in crisis, a senior figure at the Institute of Chartered Accountants in England and Wales (ICAEW) said today. But Vernon Soare, the ICAEW’s chief operating officer, admitted there is an “expectation gap” over the role of the auditor. KPMG [...]
Snooping around a job applicant’s Facebook? Here’s where you stand legally March 20, 2017 We've all been told at least once in our lives not to “judge a book by its cover”. The reality is that, more often than not, we do precisely the opposite. In today’s technological age, where a Sunday evening isn’t complete without uploading photos from the weekend to Facebook, it’s increasingly rare to come across [...]
Businesses risk being thrown into legal chaos post-Brexit if deal doesn’t ascertain how cross-border disputes will be settled, House of Lords warns March 20, 2017 Businesses risk legal headaches if the government does not consider how cross-border disputes will work post-Brexit, a report out today warns. The House of Lords EU Justice Sub-Committee research cautions disagreements which span more than one country are currently settled with judgments that are enforceable across the EU as a whole, but it is less clear what the [...]
Taxman levies inheritance tax on £5.8bn of shares March 19, 2017 Half of all inherited shares were subject to inheritance tax (IHT) according the latest figures, prompting calls for people to manage their personal finances more efficiently. Around £5.8bn of the £11.7bn of securities passed down were subject to IHT, according to data prepared by HM Revenue & Customs. Read more: How the taxman benefits from the large growth [...]
Judges need to work on boosting their public image, says justice secretary Liz Truss, warning they’ll be in the spotlight even more post-Brexit March 19, 2017 The justice secretary today called on the judiciary to do more to boost its public image, warning it will face more scrutiny once the European Court of Justice is no longer the top court post-Brexit. Liz Truss told the Financial Times the Supreme Court would face "even greater attention" once the UK was no longer [...]
The Queen and Oliver Twist movie backers forced to pay back £26m to the taxman in landmark ruling March 17, 2017 The taxman today hailed its victory in a tax avoidance case against partnerships that backed a number of high profile films including The Queen and Oliver Twist. The £26m ruling paves the way for HM Revenue & Customs (HMRC) to go after similar schemes, a decision it estimates could swell its coffers by £286m. British movie makers have [...]
Solicitor general gives no guarantees fraud squad won’t be culled, as the government mulls the future of economic crime oversight in the UK March 16, 2017 The solicitor general today came out in support for the Serious Fraud Office (SFO) but refused to go as far as guarantee it won't be rolled into another of the UK's crime agencies in the future. The government is currently auditing the UK's approach to economic crime, leading some to believe the future of the SFO [...]
Now the legal eagles are urging the government to seek a bespoke Brexit agreement for the City, while warning a “no deal” situation would have serious consequences March 16, 2017 Legal eagles have today become the latest in a string of experts calling on the government to secure a bespoke deal for the financial sector in the Brexit negotiations. The report from the Bar Council warns London's status as a financial capital risks being "greatly diminished" if the country cannot find a suitable alternative for [...]
Government sets up new watchdog – Office for Professional Body Anti-Money Laundering Supervision – to get tough on money laundering March 15, 2017 The UK government is toughening up on money laundering by launching a watchdog to deal specifically with the crime. The Office for Professional Body Anti-Money Laundering Supervision, or OPBAS as it will be known for short, will sit within the Financial Conduct Authority and should be up and running by the start of next year. The [...]
LuxLeaks’ whistleblowers have sentences reduced, but appeal court upholds convictions March 15, 2017 A Luxembourg appeals court today cut the sentences of two ex-PwC workers for playing a part in leaking data from the firm which revealed the ins and outs of the tax tricks used by hundreds of companies. In a court ruling last June, Antoine Deltour was given a 12-month suspended sentence and a €1,500 (£1,305) fine and Raphael [...]